January
2004
Verizon to Spend $3 Billion to Upgrade Networks
CHICAGO (Reuters) - Verizon Communications (VZ.N: Quote,
Profile,
Research)
on Thursday said it would spend $3 billion over the next two years to
speed up its networks and build a national next-generation wireless
network, staking a claim to fast-growing high-speed Internet services.
The largest U.S. telephone company is betting faster, more advanced
networks will attract greater numbers of customers and businesses that are
demanding faster Internet speeds and more services in a fiercely
competitive market.
Verizon plans to spend $1 billion on its wireless network and $2 billion on its wireline networks. Analysts said the plans will force rivals to respond, signaling that the telecom industry's long spending decline may be near an end.
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